SOURCE: 2007 American Community Survey 1-Year Estimates, U.S. Census Bureau

When President Obama mentioned raising taxes on the wealthy, he said such hikes should begin with an annual income of about $250,000.

Although few Abilenians, likely less than 1 percent, garner $250,000 or more annually, those who do have money that goes further than in most places.

If you make $250,000 in Abilene, you have to earn the following to get the same bang for the buck:

Amarillo $248,577

Austin $270,796

Corpus Christi $251,542

Dallas $257,129

El Paso $263,161

Fort Worth $252,300

Houston $254,997

Killeen $257,053

Lubbock $246,415

Odessa $251,493

San Angelo $252,157

Tyler $267,279

Waco $253,107

Chicago $313,147

Denver $293,266

Los Angeles $419,760

Miami $328,499

New York $624, 317

San Diego $382,561

Seattle $349,821

SOURCE: bankrate.com

Few people in Abilene, even under President Obama's more liberal definition that an income of $250,000 constitutes being wealthy, fall into the category of being labeled rich.

Only 1.2 percent -- or about 500 -- of Abilene's 43,000 households make $200,000 or more annually, according to the Census Bureau.

That means even fewer Abilenians, although statistics weren't readily available Tuesday, likely meet or exceed the $250,000 the president has mentioned as the starting point for raising taxes on the wealthy.

Most Abilene households, roughly 61 percent, make less than $50,000 per year.

Abilene's relatively low cost of living and resulting salaries -- when compared with other parts of the country -- garnered the city a mention this week in a Fortune magazine article.

"The flaw in that definition of rich is that plenty of families making $250,000 a year don't feel rich," said Geoff Colvin, Fortune magazine's senior editor-at-large, in a column published Tuesday. "They probably see themselves as upper middle class, especially if they live in blue-state coastal cities and suburbs.

"An income of $250,000 is a lot richer in Abilene, Texas, than in New York's Nassau County, where it takes $430,000 to enjoy a similar quality of life, according to bankrate.com. So let's call them the 'working rich.'"

Karr Ingham, an Amarillo economist familiar with the local economy, said the mention isn't a slap in the face but instead is a fact of life that should be embraced.

While Abilenians generally are not paid as much as people in other parts of the country, Ingham said, the housing and other cost-of-living expenses are cheaper.

"My goodness, I think that's a good thing," Ingham said.

A $250,000 annual salary in Abilene equates to $382,561 in San Diego, $419,760 in Los Angeles and $624,317 in New York's Manhattan, bankrate.com estimates.

That's why it is somewhat "idiotic" for the president to set a $250,000 standard for wealth to be considered for tax increases -- without at least taking cost of living into consideration, Ingham said.

"Wealth is a relative thing," Mayor Norm Archibald said, "with what your salary will allow you to purchase, what lifestyle it will allow you to live."

In Abilene, Archibald said, housing is affordable at a time when he's seen house payments elsewhere run two and three times the price of what is being paid in the Key City.

"I chose to live in Abilene," Archibald said. "I think it offers the lifestyle I like and the affordability -- and it's a great place to be. It's a great place to raise a family."

Bankrate.com indicates a $211,878 home in Abilene would cost $250,000 or more in Amarillo, El Paso, Odessa and Tyler and $345,770 in Denver, $640,659 in San Diego and $1.2 million in New York's Manhattan.

"Housing defines tangible cost-of-living differences between Abilene and other cities," said John Hill, an economist at Hardin-Simmons University. "We are so much more affordable than other communities because land is cheap, available and largely unregulated. Citizens in Washington D.C., which is densely developed, or San Diego, which must contend with state restrictions, must pay a premium for housing because of these conditions."

Additionally, Hill said, the price of minimally skilled labor is lower in Abilene than what is seen in other, more urban regional economies.

"A person with income of $250,000 realizes more buying power with their income as they can hire a maid or a lawn service for prices below what would be found in larger urban economies," Hill said.

Cost-of-living differences, however, don't arise from "most goods," he said.

"Food, medical services, energy, clothing and appliances have their prices set by a larger market than that in Abilene," Hill said. "Prices that are set locally, like housing and the tax rate for local public goods, determine our cost of living relative to other communities."